Price: 1.5390
| Resistance: | 1.5425 | 1.5460 | 1.5490 | 1.5531 |
| Support: | 1.5383 | 1.5361 | 1.5328 | 1.5283 |
| Bias: | The 1.5361-85 area provides support while gains will need a break back above 1.5500 and 1.5627 |
| Daily Bullish: | Extreme tight range trading didn’t really clears up the picture too well but overall we’ve not seen a break below the 1.5361-85 support identified yesterday. Thus morning has seen a dip to 1.5383 and if this holds then we should see a move back above the 1.5425 pivot area for a recovery back to 1.5482-00 again but beyond that we need to be cautious. Next major resistance would be the old 1.5627 corrective high. Recovery from 1.5361 would imply gains to 1.5560. |
| MT Bullish: | 5th June: We are hitting key supports now between 1.5361-85 but where we see the low affects how far a recovery can be seen. Above 1.5600-27 would be needed to suggest potential for a recovery towards 1.5720-60. |
| Daily Bearish: | This morning’s losses have hit the 1.5383 support and even if it breaks I still see support at 1.5361 and each of these two supports have potential for a recovery to 1.5500 at least. Thus only look for extension lower on a break below 1.5360 and if seen it should trigger follow-through to 1.5328 minimum and probably to the 1.5255-83 area at least. |
| MT Bearish: | 5th June: We are now testing critical supports but only below 1.5360 suggests a more direct attack back at the 1.5283 low and possibly even further to 1.5188 while a larger target is at 1.5082. |
ELLIOTT WAVE COMMENTS
4th June
We have seen the decline to the 76.4% retracement at 1.5409 perfectly and this now provides the next test as to whether we are seeing a triangle within a larger consolidation or whether we could see a move all the way down to 1.5283 again in a possible flat correction. I can’t even rule out loses beyond should the 1.5817 high have been Wave (b).
In any event, at this point I feel an internal 261.8% projection in a minor Wave iii rests at 1.5361 and this should be the most we see today. Before 1.5361 is a small 161.8% projection in a minor Wave c at 1.5385 so this 1.5361-85 area appears to be important.
Breach would be bearish for 1.5328 and 1.5283.
Ian Copsey
See Also
- Pro Commentary
Probably the most comprehensive technical report in the market
